04, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar was supported by ADP employment report. The report showed a growth by 214,000 last month, surpassing the expectations for an increase by 190,000. Today we will receive the NFP which will become the main driver for the market.

The first support resides at 113.00, the next is at 112.20. The first resistance stands at 113.80, the next one is at 114.60.

There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is correcting.

Trading recommendations

If the price fixates below the support 113.00, it may continue the downward trend in the short term. The potential target is 112.20.